According to Future Market Insights (FMI) analysis, the Unified Communication as a Service (UCaaS) industry would generate $ 28.5 billion in sales by 2023. The global market is anticipated to grow at a CAGR of 14.7% between 2023 and 2033, reaching US$ 112.6 billion.
According to recently disclosed data, the demand for UCaaS is expected to grow by 13% annually in 2023. The BFSI sector will continue to hold the biggest proportion across all industry verticals. However, the IT & telecom segment will expand at a CAGR of 18.5% during the course of the evaluation period.
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Increasing Remote Work Culture Bolsters Market Growth
New-age technologies such as smartphones and laptops are finding wide utility in the modern workplace. These are indispensable tools in an era of remote working where the workplace is dispersed throughout the globe. ‘Bring your own devices’ is emerging as a popular norm across top industries.
Companies are increasingly adopting new-age technologies to ease internal communication hassles. At the same time. Companies are trying to cut costs incurred on data and management systems. All these factors make UcaaS the perfect solution for modern workplace communication woes. With more and more enterprises encouraging employees to utilize their own devices at the workplace, the market shows promising outlooks.
Affordability & Ease of Maintenance Keys to Market Growth
Compared to related communication solutions, UcaaS has emerged as the more affordable and convenient option. This is primarily due to the low Total Cost of Ownership (TCO). Furthermore, owing to externally hosted software infrastructures, the company incurs little to no cost in maintenance. The enterprises only need to pay a monthly fee for the maintenance of the same.
Cyber Security Concerns Weigh Down Market Growth
New-age communication management systems are rife with cyber security hassles. Several UCaaS providers are failing to take up standard cybersecurity measures at their data centers. As third-party hosted data centers are emerging as a norm, the cyber security concerns are only worsening. Key players need to focus on tightening cyber security measures to expand their consumer base.
Key Players Embrace Advanced Technologies
New-age technologies such as AI and machine learning have emerged as critical to improving current market growth. Startups are focusing on the development of applications for ease of access for employees even while on the go.
For instance, Illumy is a startup developing advanced cloud communications to amalgamate email, messaging, group chat, voice, video, and phone for a single point cloud-based easy access. This helps clients avoid the hassle of switching between accounts and different application interfaces.
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Key Takeaways :
- The UCaaS market registered an 11.8% CAGR between 2017-2022.
- During the forecast period, the US market is projected to grow at a CAGR of 10.8% to reach a valuation of USD 21.1 by 2033.
- Between 2017 and 2022, the UK market is expected to grow at a CAGR of 17.9%.
- During the forecast period, the large enterprises segment is projected to register a CAGR of 11.1%.
- North America currently leads the global market, with a market share of nearly 74% in 2023.
- The UCaaS demand in South Korea is projected to rise at a CAGR of 14.7% between 2023 and 2033.
Key Market Developments:
- In March 2022, Sangoma Technologies Corporation acquired NetFortris Corporation, which is also an UCaaS, and cloud-based solutions provider. This was to enhance the cloud-based servicing capabilities of Sanhgoma through MSP integration
- In July 2022, Ericsson acquired Vonage Holdings Corp., which is a UCaaS and CCaaS provider. This was to enhance its existing mobile network capabilities. As a result, Ericsson now has advanced communications solutions such as CPaaS, CCaaS, and UCaaS.
- In March 2022, Microsoft announced the launch of Microsoft Teams Connect shared channels, which integrates Microsoft 365 Business, Enterprise, and Education subscriptions. This enables users to invite someone to a channel without adding them to a team.
Key Market Players:
- Cisco Systems, Inc.
- Google LLC
- LogMeIn Inc.
- RingCentral, Inc.
- Mitel Networks Corporation
- Fuze Inc.
- Windstream Holdings, Inc.
- ALE International
- DIALPAD, INC.
- Verizon Communications Inc.
- NTT Communications Corporation
UCaaS Outlook by Category
By Solution, UCaaS Solutions are segmented as:
- Software
- Services
By Enterprise Size, UCaaS Outlook is segmented as:
- Small and Medium Enterprises (SMEs)
- Large Enterprises
By Vertical, UCaaS Demand is segmented as:
- BFSI
- IT & Telecom
- Healthcare
- Retail & CPG
- Travel & Hospitality
- Transportation & Logistics
- Military & Defense
- Others
By Region, UCaaS Sales are segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
Table of Content
1. Executive Summary | Unified Communication as a Service (UCaaS) Market
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Solution Innovation / Development Trends
4. UCaaS – Pricing Analysis
4.1. Pricing Analysis, By Solution
4.2. Average Pricing Analysis Benchmark
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